Societe Generale suffered a 4.1% year-on-year drop in securities services revenues in 2016, with prime services revenues also taking a hit in in Q4.
The securities services results were put down to ‘adverse’ effects in the first half of the year.
SocGen’s assets under custody had a slight uptick at 0.7% amounting to €3.9 trillion, while assets under administration increased by 2.2% standing at €602 billion compared to €589 billion at the same time in 2015.
Overall, prime services income for 2016 totalled €621 million representing a 4.5% increase which was put down to increased activity and market share gains.
In Q4 however, SocGen’s prime services division recorded a 7.5% drop in revenues amounting to €149 million compared to Q4 2015 figures.
“In an economic environment that is less buoyant and much more demanding on the regulatory front, we have simplified our banking model, optimised capital allocation and continued to invest in the businesses of the future, as we undertook to do in our 2014-2016 strategic plan,” said Frédéric Oudéa, CEO at Societe Generale.
“These efforts enable us to generally comply with the trajectory of the strategic and financial objectives set in 2014.”